The total profit is ₹60,000, on a contract price of ₹3,00,000 and the contract is 60% completed and has been certified. If the retention money is 20% of the certified value, the amount of profit (on cash basis) that can
CS Executive · Cost and Management Accounting · PYQS · December 2019
The total profit is ₹60,000, on a contract price of ₹3,00,000 and the contract is 60% completed and has been certified. If the retention money is 20% of the certified value, the amount of profit (on cash basis) that can be prudently credited to profit and loss account is:
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Contract Costing
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